tazinib1 Posted July 2, 2010 Share Posted July 2, 2010 http://www.nytimes.com/2010/03/10/your-mon...0overdraft.html As of July 1, the Federal Reserve will require that banks obtain a customer’s consent before they can charge them overdraft fees for A.T.M. transactions and debit purchases; many banks now automatically enroll customers. I've had my new bank account for about 6-7 months now and I was a very staunch opponent of the banking system in general. My job finally forced me to pony up and go get a checking account and I chose BofA because of its many locations throughout the country. (Michigan does not have a Wells Fargo for crying out loud). When I sat in front of the attractive bank employee to sign up, I brought it to her attention that the banking industry makes over 30 billion a year in transaction fees and I was not happy at the thought of contributing to that insane pork belly. She was sure glad when I walked out of that bank hahahahahahaha...anyway...HAPPY HAPPY JOY JOY!! Quote Link to comment Share on other sites More sharing options...
Big Country Posted July 2, 2010 Share Posted July 2, 2010 Sweet, now people can just keep spending the money they don't have and not be penalized for it. Of course, IIRC, the bill actually makes it so that the transactions being denied is the default setup ratheer than the default of having overdraft protection for a fee if you do overdraft your account. Quote Link to comment Share on other sites More sharing options...
WaterMan Posted July 2, 2010 Share Posted July 2, 2010 Sweet, now people can just keep spending the money they don't have and not be penalized for it. Of course, IIRC, the bill actually makes it so that the transactions being denied is the default setup ratheer than the default of having overdraft protection for a fee if you do overdraft your account. Bank officials said that effective this summer, customers who try to make purchases with their debit cards without enough money in their checking accounts will simply be declined. Quote Link to comment Share on other sites More sharing options...
westvirginia Posted July 2, 2010 Share Posted July 2, 2010 Sweet, now people can just keep spending the money they don't have and not be penalized for it. Of course, IIRC, the bill actually makes it so that the transactions being denied is the default setup ratheer than the default of having overdraft protection for a fee if you do overdraft your account. Yep. Now the dumb masses will be up in arms on the news that "My bank denied this charge because I was only $3 short! They humiliated me and I'm suing for emotional distress!" Hey taz, the banks get the fees because people use money that isn't theirs to buy stuff they can't afford. No one is forcing a gun to anyone's head to make them overdraft their flippin' account. Quote Link to comment Share on other sites More sharing options...
Big Country Posted July 2, 2010 Share Posted July 2, 2010 When I sat in front of the attractive bank employee to sign up, I brought it to her attention that the banking industry makes over 30 billion a year in transaction fees and I was not happy at the thought of contributing to that insane pork belly. In my lifetime, I have paid $0 in transaction fees or overdraft charges. In fact, the only time I have paid a fee is for special transactions such as wiring money, and I would say I have succesfully had that fee waived over half of the time. The benefits of a credit union over a full service bank, though up until about 10 years ago, I was with Wells Fargo, BofA and even Great Western before it became Washington Mutual. Now, for a while I worked as a teller at one of the larger banks. They had an option for an ATM Checking account. It very clearly stated and was explained to people signing up for this type of account that it was a free account, but there was a charge for opting for that type of account if you came in to the bank to do basic transactions and the ATM machines were functioning. It boggles the mind at how many people still came in to the bank and balked at the fee for using a teller, and they were even more incensed when you would reccomend that the convert their account to a standard checking account that did not charge a fee for using a teller, which had it's service fee waived with a minimum balance or direct deposit. Quite frankly, it comes down to people in general being lazy bastages and ignoring what they are signing up for. Quote Link to comment Share on other sites More sharing options...
tazinib1 Posted July 2, 2010 Author Share Posted July 2, 2010 Yep. Now the dumb masses will be up in arms on the news that "My bank denied this charge because I was only $3 short! They humiliated me and I'm suing for emotional distress!" Hey taz, the banks get the fees because people use money that isn't theirs to buy stuff they can't afford. No one is forcing a gun to anyone's head to make them overdraft their flippin' account. I stayed away from banks for another reason: I am a HORRIBLE.....HORRIBLE finance manager I stay away from direct bill pay because I will forget and withdraw money, forgetting I have an impending bill that will be charged. I have, however, gotten better. Having the ability to check balance via my phone or laptop now is a god send for financial mis-managers such as myself. And I agree that nobody is holding a gun to there head to overdraft...but the charge you receive for accidentally doing so is something only a money shark could envy. Quote Link to comment Share on other sites More sharing options...
Jackass Posted July 3, 2010 Share Posted July 3, 2010 Yep. Now the dumb masses will be up in arms on the news that "My bank denied this charge because I was only $3 short! They humiliated me and I'm suing for emotional distress!" Hey taz, the banks get the fees because people use money that isn't theirs to buy stuff they can't afford. No one is forcing a gun to anyone's head to make them overdraft their flippin' account. True, but fees were excessive. Quote Link to comment Share on other sites More sharing options...
WaterMan Posted July 3, 2010 Share Posted July 3, 2010 True, but fees were excessive. Some banks would stack fees on top of fees. For example if a bank had a $8 monthly service change and you had $0, it would overdraft your account. And because of that, they'll slap you with an overdraft fee on top of that. Quote Link to comment Share on other sites More sharing options...
millerx Posted July 3, 2010 Share Posted July 3, 2010 (edited) Yep. Now the dumb masses will be up in arms on the news that "My bank denied this charge because I was only $3 short! They humiliated me and I'm suing for emotional distress!" Hey taz, the banks get the fees because people use money that isn't theirs to buy stuff they can't afford. No one is forcing a gun to anyone's head to make them overdraft their flippin' account. Happens to me all the time, and you're damn right I'll sue!! Embarrassing me like that! My wife and I have a shared account and when we need something and don't have enough in our account ( and visa versa), we will go ahead and use the card anyway. Then, when we get home we will simply hop online and transfer money from another account to cover it. Freakin' conservatives trying to dictate what I can and can't do! They think they know better than everyone else and have to teach the rest of us the "right" way to do things... Pompous asses!!! Edited July 3, 2010 by millerx Quote Link to comment Share on other sites More sharing options...
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